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US housing starts hit 8-month low; building permits weak

from Reuters

U.S. homebuilding fell for a third straight month in May to the lowest level in eight months as construction activity declined broadly, suggesting that housing could be a drag on economic growth in the second quarter. Housing starts weakened despite a dearth of properties on the market, which is hurting sales and boosting prices. Economists blame shortages of labor and land for the downturn. Demand for housing remains strong, underpinned by a tightening labor market. more

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